November 2, 2013

A rusty water tower built in the early 1940s is in need of replacement, an endeavor roughly estimated to run about $525,000, according to project engineer Travis Winter with Bolton & Menk.

For a city with a population of 303, with just 129 households, based on the 2010 census, paying for a new tower will be no small feat.

The city has enough money in its reserves to internally finance the project, but in order to replenish those reserves, the City Council has discussed a combination of assessments and increased taxes and water rate.

Typical payment options for assessments of this nature are 20 years, with a low interest rate. For Fairmont's recent reconstruction of Elm Street, the interest rate on assessments was 4 percent.

On Tuesday, residents are invited to City Hall to learn more about the project. The meeting begins 5:30 p.m. Tuesday.

Details about the financial impact are pending until the city knows the exact cost of the project. The council plans to advertise for bids in November, and then potentially award a contract in December, if prices look favorable, Winter said.

Calls to Mayor Darliss Green seeking comment were not returned.

Fixing the water tower has been ruled out, because of its age and OSHA safety rules, and postponing the project is only likely to increase the cost, as steel prices are continuing to increase, according to Winter.